The BBA has announced the launch of a Financial Services Vulnerability Taskforce by the financial services industry in a joint initiative with various charities and consumer groups.

It will identify where good practice exists in the financial services sector, what practices exist in other sectors and where gaps in policy or systems could be improved.  The Taskforce is expected to make recommendations for the adoption of best practice across the industry within six months. 

The taskforce will:

  • Discuss issues in a proactive manner.
  • Ensure collaboration across different sectors.
  • Create a hub for sharing information.
  • Consider key areas of vulnerability.
  • Consider opportunities for retail banks to deliver more consistency where customers are concerned.
  • Identify vulnerability ‘success’ measures.